How Nigeria can use crypto companies to its advantage
The Nigerian government has been targeting Binance, the world's largest cryptocurrency exchange. Ray Youssef claims that a small group in Nigeria was misusing crypto for arbitrage.
“There's a syndicate within Nigeria that was leveraging arbitrage in a heavy and hurtful manner to the naira." - Ray Youssef
Binance has been on the receiving end of Nigeria’s onslaught against crypto, from blocking its websites to arresting its employees. There is a syndicate within Nigeria that leverages arbitrage to manipulate the naira, buying it for cheap and selling it for a profit in the black market.
